Revolut and OpenReserve Receive Preliminary OCC Approval for US National Banks

Revolut and Andreessen Horowitz‑backed startup OpenReserve have each been granted preliminary conditional approval by the U.S. Office of the Comptroller of the Currency (OCC) to establish national banks—Revolut in Connecticut and OpenReserve in Utah.

Purpose of the New Banks

Revolut aims to create a U.S. bank that can deliver services at lower cost and greater efficiency than its current model, which relies on partner banks that are FDIC‑insured.

Planned Crypto and Stablecoin Services

Both firms intend to incorporate digital‑asset offerings:

• Revolut plans digital‑asset custody, the ability for customers to use crypto assets—including stablecoins—for cross‑border transfers, and the issuance of Revolut‑branded stablecoins through a third‑party partner.
• OpenReserve, founded in 2025 by MoneyLion founder Dee Choubey, is building a blockchain‑based bank that will provide tokenized deposits, digital‑asset custody, and a subsidiary to issue U.S. dollar‑backed stablecoins (the subsidiary application has not yet been filed).

Regulatory Path Forward

The banks cannot commence operations until they satisfy the OCC’s pre‑opening requirements and obtain final approval.